Thornburg Mortgage Says It Raises $500 Mln In Cumulative Convertible Redeemable Preferred Stock Offering - Quick Facts
Thursday, August 30, 2007; Posted: 10:28 AM
(RTTNews) - Thornburg Mortgage Inc. (
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) announced that it priced an underwritten public offering of 20 million shares of 10% Series F Cumulative Convertible Redeemable Preferred Stock at $25.00 per share. The base dividend on the convertible preferred shares would be the greater of 10%, or the dividend yield received by common shareholders calculated on a quarterly basis.
In addition, the shares are convertible into common stock at the option of the holder at any time at a conversion price of $11.50 per common share.
Thornburg Mortgage noted that gross proceeds from the transaction were $500 million and will be primarily used to further improve its liquidity position and to resume its origination of mortgage loans and acquisition of mortgage-backed securities.
The aggregate net proceeds to the company are estimated to be about $473 million taking into account costs of issuance. The company has also granted the underwriters an option to purchase up to 3 million additional shares from the company for the purpose of covering over-allotments, if any.
The underwriters expect to deliver the 10.0% Series F Cumulative Convertible Redeemable Preferred Stock to purchasers on or about September 7, 2007. The 10.0% Series F Cumulative Convertible Redeemable Preferred Stock is expected to trade under the symbol "TMA PRF".
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